SoftBank founder prepares for disaster, but refuses to buy bitcoin
The CEO and founder of the Japanese corporation SoftBank Masayoshi Son became a guest of the DealBook conference of The New York Times, where he revealed details of his attitude to digital currencies, after having already unsuccessfully invested in them once..
“I think digital currency will be useful, but I don’t know which digital currency, with what structure, and so on,” Son said..
Earlier it became known that the billionaire entered bitcoin at the peak of 2017 on the recommendation of cryptocurrency supporter Peter Brieger, whose investment company Fortress Investment Group was acquired by SoftBank along with reserves in bitcoins and traditional assets. Already in January 2018, he decided to get rid of the cryptocurrency. Son’s losses from these operations exceeded $ 130 million.
During his last speech, Son explained that he did not want to spend time observing the charts of a volatile asset, which would distract him from his main business, and therefore decided to continue his investment activities without Bitcoin..
If then Son decided to save bitcoin, then by today he would have been able to break even in his position. However, attention to other investments helped him to increase capital over the years from $ 19 billion to $ 30 billion, and without cryptocurrency..
At the conference, Son also revealed that he was aggressively selling assets this year, anticipating a “worst-case scenario” for the economy due to the continuing risks of the coronavirus pandemic. He said that initially he intended to sell shares for $ 40 billion, but the total amount reached $ 80 billion. In the event of a deterioration in the global situation, SoftBank should have liquidity, he explained..
“Anything can happen in such a situation. A medical vaccine is coming soon. But who knows what will happen in the next 2-3 months? Any catastrophe can happen. We’re just preparing for the worst-case scenario, “he added..
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